Marijuana News Today: Georgia Poll Shows Support for Legal Pot
The marijuana news today is that a poll in Georgia shows that the majority of the state’s residents are in favor of recreational marijuana legalization. This potentially angles the state as the next domino to fall in U.S. marijuana legalization.
With the majority of U.S. states having legalized marijuana in one form or another, and the large majority of Americans consistently responding “Yes” to legalization in polls, it’s safe to say that U.S. marijuana legalization is closer than ever.
In many states, from Massachusetts to California, adults are currently—or are soon going to be—able to purchase legal recreational pot.
As the number of states adding new marijuana laws to the books continues to grow, things may soon hit a critical mass wherein the federal government has no choice but to consider U.S. marijuana legalization as the law of the land.
Several U.S. politicians have joined the chorus of marijuana legalization supporters, including several prominent U.S. senators.
The latest poll in Georgia shows that 55% of respondents believe that recreational pot should be legalized. That number has risen from 48% just two years ago. (Source: “EXCLUSIVE POLL: Most Georgians now say recreational marijuana should be legal,” 11 Alive, May 15, 2018.)
Only about 35% of the poll respondents said they were against marijuana legalization.
Currently, Georgia has laws permitting the use of medical marijuana in certain circumstances. But, with the results of the recent poll, there’s a chance that the state could become the next one to make a move toward legalizing recreational marijuana.
Canopy Growth Stock News
Canopy Growth Corp (OTCMKTS:TWMJF, TSE:WEED) continues to impress in May. The Canopy Growth stock price has made strong gains this month.
TWMJF stock is up by about 10% over the past five days. This has been bolstered by a nascent (and hopefully prolonged) recovery, as well as the company’s announcement that it will list on the New York Stock Exchange (NYSE) by the end of the month.
Chart courtesy of StockCharts.com
Both factors are likely to contribute to what I believe will be a very strong month for Canopy Growth stock.
One foreseeable roadblock to the company’s growth, however, is that Aurora Cannabis Inc (OTCMKTS:ACBFF, TSE:ACB) is likely to overtake Canopy in terms of market cap—to become the largest marijuana company around. This follows Aurora’s acquisition of MedReleaf Corp (OTCMKTS:MEDFF, TSE:LEAF).
I don’t believe that this will present a problem to Canopy Growth stock, though.
Canopy Growth is still among the largest companies in the legal marijuana industry. The company has a solid presence in international markets and has positioned itself to take advantage of the upcoming Canadian marijuana legalization.
All those factors serve to make me bullish on Canopy Growth stock for both the near future and the long term.
Aurora Cannabis Stock News
Aurora Cannabis stock is in a more complicated position than Canopy Growth stock. While many marijuana stocks have jumped in value over the past few weeks, the Aurora Cannabis stock price has been static.
The Aurora-MedReleaf acquisition is generating news for the company and keeping it in the public eye, but that has not translated into Aurora Cannabis stock gains.
As is often the case, the smaller company in the acquisition (MedReleaf) is gaining while the larger one is showing little movement.
That has translated into a pretty strong run by MedReleaf stock. The company’s stock price has jumped by about 10% over the past week, following confirmation that the acquisition deal was taking place.
While Aurora Cannabis stock has shown little movement in the past five days, it is positioning itself for strong gains further down the line.
With its higher market share, increased production capacity, and greater international reach, Aurora Cannabis stock is best positioned to make a run later this year.
For those looking for short-term gains, it’s best to look elsewhere.
Aphria Stock News
Perhaps one of the most impressive comebacks in 2018 has been from Aphria Inc (OTCMKTS:APHQF, TSE:APH).
Aphria stock has regained much of its lost value. Although APHQF stock was punished for much of early 2018, that has turned around in May.
The company has seen a near-21% gain in stock value over the past five days, with its stock likely to be one of the biggest beneficiaries of the marijuana recovery.
Aphria stock took one of the bigger hits during the recent correction, but it appears now that the company has hit a stock price that investors have found attractive again. This has led to the stock’s impressive moves in May.
With laws and politicians in the United States moving more and more toward U.S. pot legalization, the opening of that market is closer than it’s ever been.
Couple that with the current marijuana industry recovery that seems to have started in May, and you have a strong confluence of events that make both the near-term and long-term marijuana stock forecast bright. That makes the marijuana news today very positive.